JPMorgan CEO JUST NUKED Mamdani... as NYC's Middle Class COLLAPSES

Added: 2026-06-02

[00:00:02]in New York.

[00:00:03]>> I think good they are good policies free. I feel like telling the politicians don't don't try to raise more taxes or spend more money.

[00:00:10]Sit down and fix policy. And I think you can grow 1% faster. I I literally believe that. And you the pop the public knows you can't get certificates of occupancy. You can't get roads built.

[00:00:20]The bridges the Baltimore bridge the Baltimore bridge was supposed to be built by now.

[00:00:24]It's another five years. I go on and on and on.

[00:00:28]>> It's frustrating. It hurts. It's embarrassing and it always hurts the the civilians of our country. And so uh So I had a great meeting with Madani meaning it was pleasant. Uh you know, but I said everything I wanted to say.

[00:00:39]I've seen mayors grow into the job. I mean, he's running a city of 300,000 employees now.

[00:00:45]He's never had a job like that. I've seen mayors who just they fell abysmally cuz they they can't administer themselves out of a paper bag or they or ideology blinds them to practical, realistic, real-world policy. And so we'll see and then you know, if I can help do the good stuff, I'd be happy to do that.

[00:01:02]>> Yeah, but Jamie, give me a break. He did a video in front of Ken Griffin's house.

[00:01:05]I mean, you know, that's a security issue.

[00:01:08]>> I agree. I my guess is he probably regrets that, but you got to ask him that.

[00:01:16]>> So what you just watched there you know, in that clip was the exact moment New York socialist mayor thought he could declare war on the rich, on Wall Street, on property owners, on business leaders and somehow suffer no consequences. But then Jamie Dimon, the CEO of JP Morgan, the biggest bank in America, sat across and delivered one brutal message. I don't care what you say, what do you do?

[00:01:44]That's what I'll judge. And that right there is when the fantasy collided with reality because Madani hasn't just annoyed a few billionaires.

[00:01:54]He spooked the entire engine room of New York City.

[00:01:58]Now, for a for an American audience watching this from say Florida, Texas, Tennessee, or anywhere normal people still understand basic basic economics, here's the story.

[00:02:09]Zohran Mamdani campaigned like a man who believed rich people were trapped. He pushed higher corporate taxes. He floated property tax hikes. He talked about transferring ownership of buildings away from so-called bad landlords. He backed city-owned grocery stores. And he wrapped all of it in the usual language of fairness, justice, and taxing the rich. But there's a massive problem with this. The rich can leave. Businesses can leave. Jobs can leave. Capital can leave. And once they do, the people left behind are not billionaires.

[00:02:45]They're workers, families, renters, small businesses, taxi drivers, shop owners, teachers, and ordinary New Yorkers who suddenly discovered that socialism always sends the bill along to the people that stayed.

[00:03:02]Let's be clear about what triggered this.

[00:03:05]Mamdani's agenda wasn't just "Tax the rich a little bit." According to the brief, his platform included raising New York's corporate rate tax from 7.25% to 11.5%.

[00:03:17]That's not a minor tweak. That's a massive increase on a city that's already one of the most expensive places in America to do business.

[00:03:26]He also pushed the idea of a pied-à-terre tax on luxury second homes.

[00:03:31]He floated transferring ownership of buildings from so-called bad landlords to nonprofits, community land trusts, or tenants.

[00:03:41]And he backed a $70 million plan for city-owned grocery stores. Now, to activists, that sounds exciting. To Wall Street, sounds like a warning flare. But when a mayor starts talking about higher taxes, the property seizure language, and government-run businesses, serious people do not say how inspiring. What they do, they look for the exit door instead.

[00:04:08]>> Speaking of executives, Jeff Bezos told CNBC last week on taxes, and obviously, you know, what you've said about affordability is looming in the background of this. He said that you could double his taxes, and as he put it, quote, "It's not going to help that teacher in Queens, [snorts] I promise you." What was your response to to that comment from Jeff Bezos?

[00:04:29]>> You know, I know a few teachers in Queens who would beg to differ. And I think that if I was worth as much money as he was, then I would probably say the same thing. The fact of the matter is that we are talking about a city where one in four New Yorkers are living in poverty, and we're hearing from one of the richest men that our world has ever seen about how he and others who make that kind of money shouldn't have to pay their fair share. And frankly, what New Yorkers want to see is a tax system that recognizes the scale of this affordability crisis, and actually provides a way for city government to be able to invest in those same New Yorkers in the manner that we used to decades ago.

[00:05:02]Speaking of exec- >> You know, in that clip, they were just talking about Jeff Bezos, but let's wheel back to Jamie Dimon, you know, where he stepped in.

[00:05:13]It's not some random commentator, you know, he runs JP Morgan Chase. He's one of the most powerful financial figures in the world. JP Morgan is tied deeply to New York, has been for years. The bank has a massive presence in Manhattan. So, when Dimon speaks about New York's business climate, people generally listen.

[00:05:34]And what he said was devastating. He warned that cities have to compete. They have to compete for talent. They have to compete for jobs. They have to compete for businesses.

[00:05:44]And then came the line that should terrify every socialist politician in America.

[00:05:50]I don't care what he says, what does he do? I'll judge that. That's not a polite disagreement. That's a CEO of America's biggest bank saying your slogans mean nothing, your campaign speeches mean nothing, your ideology means nothing, only your actions matter. And if those actions damage businesses, jobs will move, capital will move, people will ultimately move.

[00:06:16]And this is why Dimon's warning matters.

[00:06:19]The brief point, you know, the brief points to migration data showing more than 125,000 New Yorkers have already left for Florida taking nearly $14 billion in income with them.

[00:06:32]That's not theory, it's not fear mongering, it's the money walking out the door. And where is it going?

[00:06:38]Florida, Texas, states with lower taxes, better business climates, and governments that understand you cannot punish success forever and expect success to stay. The top 1% in New York City pays a huge share of the income tax base.

[00:06:55]So, when even a small number of high earners leave, the budget impact can be really big.

[00:07:01]That's the trap. Socialists look at wealthy people and see an unlimited cash machine, but wealthy people look at socialist policies, and what they see is a moving truck, usually a removal one as they're leaving.

[00:07:18]>> I don't pay taxes, I do. I pay billions of dollars in taxes, and it's a perfect again, if people want me to pay more billions, then let's have that debate, but don't pretend, you know, that this that that's going to solve the problem.

[00:07:32]You could you could double the taxes I pay and it's not going to help that teacher in Queens, I promise you. This is so you can't connect those two things, Not logically. Uh you know, there there there are more examples. Why is rent expensive?

[00:07:48]Why is rent so expensive? I recently saw somebody blamed it on Airbnb.

[00:07:52]Okay.

[00:07:53]Airbnb is not the cause of expensive rent. In fact, it's been almost No, let me finish. One second. It's already been outlawed, rent, in uh New York City, and rents are still very high. So, we know Airbnb isn't causing high rents. What's really causing high rent is government intervention.

[00:08:10]>> So, you can see there that Jeff Bezos has walked into the conversation, and he's just blown up the entire tax the rich argument on live TV.

[00:08:19]Point was very simple. You can tax billionaires more.

[00:08:23]You can have that debate, but do not pretend it magically fixes broken government, because the problem is not always revenue. It's spending. The problem's waste, bad management. And this is the part left-wing politicians hate.

[00:08:38]New York City spends enormous sums of money already. Schools, homelessness, public services, bureaucracy, billions and billions of dollars. And yet the results often do not match up with the spending. So, when politicians say, "We just need more money." People like Bezos and Dimon are saying, "No. You need competence. You need discipline. You need accountability, because if you keep pouring money into broken systems, you don't fix the system. You just make the failure a lot more expensive than it really needs to be."

[00:09:16]So, we'll have a look at this clip here.

[00:09:18]Zara Mandani to Mark Wine Mullen, "We're proud of the fact we are a sanctuary city."

[00:09:25]>> Well, what is your response to that threat from Secretary Mullen?

[00:09:28]>> You know, our laws and our values are not bargaining chips. We will not be threatened to leave so many of the New Yorkers who call this city home prey to these kinds of cruel policies. We are proud of the fact that we are a sanctuary city. We're proud of that for a number of reasons. One, it is a policy designed to keep New Yorkers safe. Two, we know that here in our city we are proud of the more than 3 million New Yorkers who are immigrants. I'm one of them. And we know that in a city like this it is incumbent upon us to live up to the ideals of the Statue of Liberty, not just tell people to come and look at it when they visit from across the world.

[00:10:03]>> What what is your response >> Yeah, this is a part where it gets worse for Mandami after campaigning against billionaires, after attacking Wall Street, after building his brand on class warfare, he's now reportedly meeting with the very people he spent months demonizing. Jamie Dimon, Goldman Sachs, major financial figures. And why?

[00:10:25]Because now he has the job, now the budget is real, and now the business community matters. He needs the same people he attacked to keep the city standing. That's the hypocrisy bomb right there. It's easy to run a campaign shouting "Tax the rich." It's much harder to govern a city when the rich can simply up sticks and leave. And once they leave, they take jobs, income, investment, charity, restaurants, offices, construction, and tax revenue with them. That's no slogan at all. It's literally just the reality of the situation.

[00:11:02]There's an interesting tweet here from Joe Rogan. "Mandami, $1.8 billion can make every every bus free twice. That's the kind of money that we're talking about when it comes to New York." And yet that's the money that they're willing to spend on what clearly are just partisan political priorities.

[00:11:21]>> $1.8 billion could could make every bus free twice. That's the kind of money that we're talking about when it comes to New York City.

[00:11:29]And yet that's the money that they're willing to spend on what are clearly just partisan political priorities.

[00:11:35]1.

[00:11:36]>> There's another sweet hit this week for look from Brian Allen. Sorry, I meant Dammy just laid out one of the most aggressive tenant-focused housing agendas New York City has seen in decades. The cool message was simple.

[00:11:49]The city's going to stop governing exclusively for property owners and real estate power players. 70% of New Yorkers do not own their homes.

[00:11:58]Whether people agree with him or not, Dammy clearly understands something many politicians avoid saying out loud. New York is overwhelmingly a renter city being governed for the economic interests of ownership. And politically that message is connecting because millions of New Yorkers already feel like the city treats rent checks as permanent and dignity as optional.

[00:12:24]You know, that's why this story is going national because this isn't just about one mayor in New York. This is the live demonstration of what happens when radical economic ideas meet capital.

[00:12:36]You know, people do not have to stay.

[00:12:40]Businesses do not have to stay.

[00:12:41]Investors do not have to stay. And America is full of states that'll just welcome them. Florida, Texas, Tennessee, they'll take them. The only people trapped under the policies are the people who cannot afford to escape. So, Dammy now has four bad options available to him. Double down, capital flight will get worse. Walk it back and admit the campaign was a fantasy.

[00:13:06]Stay quiet and let the viral clips just define who he is. Or keep begging Wall Street behind closed doors while pretending to fight them in public. So, that's the trap. He ran on punishing the rich. Now the rich are judging him.

[00:13:22]As Jamie Dimon made painfully clear, they're not judging his words. They're judging what he does next.

[00:13:29]If you think New York's becoming a warning sign for the rest of America, let me know in the comments. And as always, thank you very much for watching. Hit the like button. Subscribe to the channel. Share me on your socials. I'll talk to you soon. Bye for now.